Heuristic biases are mental shortcuts that cause us to make systematic mistakes. Even after we make these mistakes, we are usually not aware of them and continue to systematically make them.

Examples of these biases include:

Overconfidence and OptimismIn ourselves or expert advisors.Data Mining
Finding patterns out of randomness to predict the future.AnchoringMentally locking in a price even though it is now irrelevant.Hindsight Bias
Predicting the past as if one knew what would happen.Fear and Greed
Running from a down market and toward a bull market.Mental Accounting
Believing we are doing better than we are.Status Quo
Aversion to change.